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Gillette: Ad push nicks fourth quarter

Feb 26, 2004

Shaving products major, Gillette India, reported its December quarter and annual results yesterday. For the year ended December 2003, the company finished with a 6% decline in operating revenues. However, the performance at the topline is not truly reflective, as the current year figures do not include the Geep business figures, which it has exited in end of 2002. The company has also discontinued the 'Braun' business in the first quarter of 2003. As a result of this restructuring, Gillette reported a significant turnaround in the bottomline.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 921 895 -2.9% 3,830 3,631 -5.2%
Other Income 73 44 -40.5% 131 145 11.0%
Expenditure 803 849 5.7% 3,388 2,790 -17.6%
Operating Profit (EBDIT) 118 46 -61.2% 443 841 89.8%
Operating Profit Margin (%) 12.8% 5.1% 11.6% 23.1%
Interest 17 - - 55 0 -
Depreciation 57 50 -11.6% 205 182 -11.4%
Profit before Tax 118 39 -66.8% 313 803 156.7%
Extraordinary items -138 -24 - -138 -56 -
Tax 13 6 -51.5% 110 299 171.9%
Profit after Tax/(Loss) -33 9 - 65 448 593.8%
Net profit margin (%) -3.6% 1.0% 1.7% 12.3%
No. of Shares (m) 32.6 32.6 32.6 32.6
Diluted Earnings per share (Rs)* -4.1 1.1 2.0 13.8
P/E ratio (x) 47.2
*(annualised)

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